Iran-Turkey Bilateral Trade Reaches $8.2bln in 10 Months

TEHRAN (Tasnim) – The value of bilateral trade between Iran and neighboring Turkey in the first 10 months of the current year has amounted to over 8.2 billion dollars, data released by the Turkish Statistical Institute (TurkStat) showed.

According to the report, the total value of bilateral transactions between Iran and Turkey in the first 10 months of 2018 stood at 8.252 billion dollars, showing a 10 percent decrease compared to the same period last year.

The bilateral trade between the two neighbors over from January to October 2017 had reached $9.199 billion, according to the data.

The Turkish exports to Iran in the first 10 months of 2018 have also decreased by 22 percent compared to the same period in 2017, the report said.

Iran was ranked 20th on the list of top export destinations of Turkey and has been reported as the 7th major source of imports to Turkey in the first 10 months of 2018.

Iran and Turkey have set a $30-billion annual trade target, signing several agreements to enhance cooperation in various areas.

In October 2017, Turkish President Recep Tayyib Erdogan visited Iran to attend the fourth round of strategic meetings between Iran and Turkey.